Bankers drafts??

jonesMUFCforever

rubix_76 wrote:

Earlier in this thread it was mentioned that a bankers draft still goes through the cheque clearing system. The last time I used one (Ok it was five years ago) with Barclays I was charged a tenner and the cash went out of my account as soon as I signed the slip in the branch (They also cocked up one cheque, wrote another, and I was charged for two cheques, but that's another story ...)

I used my debit card last time I bought a Car, t'was much easier, and didn't cost a penny !!

Rubix

Yes that is still the case when you are 'buying' the cheque/draft.
It is the beneficiary that has to wait for the cheque/draft to go through the clearing cycle before he/she gets available funds on it.

willam

A man rang to buy my Renault Espace I'd advertised, he would pay by banker's draft. He rang again when he had the draft and told me the bank (well known) and the branch. I looked up the tel no., rang, and had confirmation they'd issued the draft to me. Later I collected the buyer at our railway station, he had a test drive to my house. Cup of tea, I checked the draft,..gave him the car docs,....shook hands,... he drove home. Price paid £7500. Finding the tel no. and ringing the bank eased any doubts. Good car, fair price, and about as safe as cash.

amandathepanda

If I was selling a car to a private individual I would only accept cash. I work in a bank, someone sold his car and accepted a bankers draft, it turned out that this draft was a forgery, so beware as there are forged bankers drafts around.

jonesMUFCforever

amandathepanda wrote:

If I was selling a car to a private individual I would only accept cash. I work in a bank, someone sold his car and accepted a bankers draft, it turned out that this draft was a forgery, so beware as there are forged bankers drafts around.

Same here. I'm glad it worked out for you - here's hoping that there is no bad news in a few days time.
I'm amazed though that you actually got through to a branch!!

jpb2001

I'm currently selling my car and a potential buyer has offered a fair price for it. He has faxed a copy of the bankers draft to me with the branch details. I am currently trying to verify with the branch in question that they have actually issued a draft for the specified amount.

I rang the Barclays customer services number yesterday and got through to India! After convincing them to let me speak to someone in the UK I was categorically told that they do not offer the service to authenticate bankers drafts! I was amazed - surely in the current "fraud prevention" climate they should be willing to help me out. They steadfastly refused to help me though. I have now managed to acquire the phone number of the branch in question and hopefully they will help me. I will update on how this goes once we reach "bank opening hours".....

Cheers,
JB

amandathepanda

At the Bank I work for we would not offer a service to authenticate a bank draft. We would be divulging information about a customers account if we advised you 'yes we issued a draft from Mr X for X amount of pounds'.That is not to say that other banks don't offer this service, but I don't think so.

jpb2001

amandathepanda,

You're right, I've just tried the phone number i had found and it no longer exists. Barclays are still refusing to authenticate the cheque so it puts me in a difficult position as I'm now going to have to contact the buyer to discuss it with him. The clearing system in the banks is so sh*t!

Cheers,
JB

amandathepanda

Jpb2001.It is fine to accept a bankers draft but you need to pay it in and wait for it to clear before you release the car just in case by any tiny chance it is a forgery. Alternatively get the buyer to send a chaps payment to your bank account, this will probably cost them about £10 more than a draft but gives peace of mind as the money is transferred directly to your account on the same day.

jonesMUFCforever

jpb2001 wrote:

I'm currently selling my car and a potential buyer has offered a fair price for it. He has faxed a copy of the bankers draft to me with the branch details. I am currently trying to verify with the branch in question that they have actually issued a draft for the specified amount.

I rang the Barclays customer services number yesterday and got through to India! After convincing them to let me speak to someone in the UK I was categorically told that they do not offer the service to authenticate bankers drafts! I was amazed - surely in the current "fraud prevention" climate they should be willing to help me out. They steadfastly refused to help me though. I have now managed to acquire the phone number of the branch in question and hopefully they will help me. I will update on how this goes once we reach "bank opening hours".....

Cheers,
JB

This worries me!
A POTENTIAL buyer has ALREADY gone to his bank and PURCHASED a draft even though from your posting it is not clear whether in fact you have accepted the offer! or discussed a method of payment acceptable to you!
I would agree with previous posters get him to CHAPS payment to your account (I would even agree to pay the £25 charge to ensure a cleared payment).

jonesMUFCforever

If you are worried about accepting the bank draft then don't!
It's your car and you should tell the purchaser how you want payment.
There are fraudelent and altered drafts out there so don't be taken in by the speal 'that a draft is as good as money' it is not.